budget deficit cap destabilizes the economy by turning the government budget into an automatic destabilizer. Public debt … rise to a negative balanced budget multiplier. … wirkt (negativer balanced budget multiplier). …

budget constraint, and accelerating inflation at the end of the 1960s, functional finance fell out of favor. The paper …

examine the budget deficit in a growing economy, and will show mainly the following results. 1) If the initial savings is … positive (or investment of private firms is not large), we need budget deficit including interest payments on government bonds …) If the interest rate on the government bonds is larger than the growth rate, the budget surplus excluding interest …

budget deficit. Although the government has addressed this issue through a burden-sharing scheme with the Central Bank, the … household budget analogy by arguing that fiscal deficit is not evidence of overspending. Also, it is argued that the burden … monetary operation. Hence, if the role of the central bank is not isolated in macroeconomic analysis, the government budget is …

Fiscal consolidation often entails balanced budget requirements (BBRs) for local governments. However, little is known …. Tighter rules pushed local governments to increase their net budget surplus by 0.6%-1% of local income. Treated municipalities …

In this paper we collect detailed information on the budget institutions of Latin American countries. We classify these …